Articles

In a previous blog post, we outlined some of the advantages of the accrual accounting system for your business. Today, we’d like to give you some tips to make the transition to accrual accounting easy and successful. Set Up Chart of Accounts One of the first steps in making the move to accrual accounting is … Read more

Farms, unlike many other businesses in Canada, can still use the cash method of accounting. Even so, many farms find the accrual accounting system a more useful business tool. The main difference between these accounting systems is the point in time at which you account for each income or expense item. In cash accounting you … Read more

There are a number of withdrawal options available to you as well as financial planning strategies that can maximize the income you receive from your RRSPs in retirement. Your RRSP Income Options Withdraw funds and pay tax on the full amount Transfer RRSP to RRIF Purchase a fixed term or life annuity Remember, you must … Read more

CRA is mailing Notice of Assessments to taxpayers and small businesses and there are many that have attracted the attention of CRA to be selected for audit. In fact, in the future, there will be more audits and more focus on compliance and collecting tax debt. The Canadian Revenue Agency (CRA) has done a lot … Read more

Canada Revenue Agency (CRA) has announced some changes aimed at reducing the red tape associated with small business tax filing and other related procedures. Here are the highlights: Allow businesses to submit payroll enquiries through the My Business Account enquiries service Allow businesses to update business banking and direct deposit information online Improve access to … Read more

Ever found yourself facing a CRA audit or disputing your income tax notice of assessment? Were you worried about being “blacklisted” if you spoke up or filed a complaint? Well, this recent announcement by the Canada Revenue Agency may just give you some additional peace of mind.  The government has added a new right to … Read more

As of July 1, the Canadian federal government will allow for the voluntary deferral of the Old Age Security (OAS) pension for up to five years. The pension will be adjusted based on an actuarially neutral basis which means that, on average, you will receive the same lifetime OAS pension whether you choose to take it … Read more

As our friends and family in Alberta continue down the long road to recovery from the floods, we thought it a good time to share some thoughts on business continuity and disaster preparedness. Ensure your small business is prepared to handle a disaster. This article is a refresh on a piece that I wrote for … Read more

Our sincere sympathy goes out to the victims of flooding across Calgary and area. We’re all very saddened by the loss of life and enormous damage caused by the recent floods.  With our head office in Calgary the flood has also affected many of our staff. FBC Members are encouraged to contact us so we can … Read more

You have your business up and running, perhaps as a sole proprietorship or a partnership and are now seeing some growth and profit. You may be wondering if you should now incorporate your business. Advantages and Disadvantages of Various Business Structures The following is a list of possible advantages and disadvantages of the most common … Read more